Kenosha man sentenced for writing fraudulent bank loans
KENOSHA -- 46-year-old James Scalzo of Kenosha is sentenced to 35 months in prison after being found guilty of bank fraud and money laundering. According to the U.S. Attorney's Office, Scalzo wrote and approved fake loans while working at two different banks.
Between April 1, 2008 and October 31, 2009, Scalzo wrote and approved multiple fake loans while employed at Fox River State Bank in Burlington, WI and Consumers Credit Union in Illinois. Scalzo had funds from fake loans transferred by cashier's checks or wire to bank accounts he had access to. Some loans were used to pay off previous loans helping to conceal his fraudulent loans. We're told Scalzo's scam involved more than $1.4 million.
The U.S. Attorney's Office says Scalzo used someone's home as collateral for one of his fake loans, and then allowed to go into foreclosure.